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---
title: "ESMA Q&A 2785 — Q&A — Interests earned from client funds deposited [Answer Published]"
shortTitle: "ESMA Q&A 2785 — Q&A — Interests earned from client funds deposited [Answer Published]"
answer_id: ESMA_QA_2785
topic: "Safeguarding of client assets"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFID II"
mifid_level3: true
mica_level2: false
legal_basis: "MiFID II"
date: 23 February 2026
source_link: https://www.esma.europa.eu/publications-data/questions-answers/2785
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 23 February 2026"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/2785"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "European Commission"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "Answer provided by the European Commission"
    locator: "ESMA Q&A entry ESMA_QA_2785, first line of the answer field"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2026-09-21"
  question_submitted_on: "2026-02-23"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_2785, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_2785, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 21 Sep 2026 [Answer Published]**

*Answer Published · ESMA Q&A register, 23 February 2026 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2785)*

| | |
|---|---|
| **Full title** | ESMA Q&A 2785 — Q&A — Interests earned from client funds deposited \[Answer Published\] |
| **Prepared by** | European Commission |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_2785 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 21 September 2026; question submitted 23 February 2026 |
| **Legal basis** | MiFID II |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Interests earned from client funds deposited at a credit institution**

### Question

Does MiFID II permit investment firms to earn interest on client funds deposited in a savings account at a credit institution?

***

### Answer

Answer provided by the European Commission

No. In order to protect an investor’s rights in respect of funds entrusted to a firm, Article 16 (9) of Directive 2014/65/EU of the European Parliament and of the Council (MiFID II) stipulates that an investment firm holding client funds shall make adequate arrangements to safeguard the rights of clients and prevent the investment firm’s use of client funds for its own account. The investment firms’ obligation under Article 16 (9) of MiFID II not to use clients’ funds for its own account includes the obligation for the investment firms not to retain any interest accrued from those funds (deposited in an account with a credit institution).

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2785)